'I would give my left arm to get 1.69 per cent again': Montrealers bracing for interest rate change

Montreal resident Jamie Goren is bracing for the Bank of Canada interest rate change this week as his mortgage is up for renewal this fall.

More than two million Canadians will renew their mortgages over the next year-and-a-half. CTV News asked more than 50 mortgage brokers across Canada how to get the best mortgage deal. This is what we found.

Jamie Goren expects when he renews his mortgage in November he might be paying more than ever before.

He moved into his Dollard-des-Ormeaux home in 2002 with a rate of 4.35 per cent. For the last four years, it’s been 1.69 per cent.

"I would give my left arm to get 1.69 per cent again," he said in an interview with CTV News. "I'd even be thrilled to get double 1.69 per cent, but I don't even see that happening."

He recently received a letter from Scotiabank saying it is offering 5.09 per cent. Goren expects that could cost his thousands more every year.

Monthly mortgage payments in Montreal are now more than $1,500. Broker Brad Weigensberg says he’s seeing more cases of people struggling to keep up with payments.

"A lot of what we're seeing now is people that are trying to buy homes, especially young people, working two or three jobs," he said.